Indian Partnership Act MCQ question and answer

91

In the absence of a public notice of the fact of dissolution of the firm, the authority of partners

A) Stands determined between the partners as well as publicly B) Does not stand determined between the partners nor publicly C) Stands determined between the partners but publicly it continues D) Stands determined publicly, but continues between the partners

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

92

Under section 34 of the Indian Partnership Act, 1932, on adjudication of a partner as insolvent, the partnership firm

A) Stands dissolved automatically B) Does not dissolve at all C) May or may not dissolve depending on the contract between the partners D) Only (A) and not (B) or (C)

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

93

The outgoing partner, where the partnership business is continued by other partners without a final settlement of accounts, under section 37 of the Act, the outgoing partner is entitled to interest on the unpaid capital, at the rate of

A) 6% per annum B) 9% per annum C) 12% per annum D) As decided by the partners

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

94

Section 29 of the Indian Partnership Act, 1932, provides for certain rights of the transferee, of the partner's interest, in the firm

A) While the firm is a going concern B) When the firm is dissolved C) Both (A) and (B) D) Only (A) and not (B)

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

95

Under section 55(1) of the Indian Partnership Act, 1932, the goodwill as an asset of the firm can be sold

A) Separately from the other property of the firm B) Alongwith the other property of the firm C) Either (A) or (B) D) Only (B) and not (C)

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

96

The Doctrine of Holding Out is mentioned in:

A) Section 25 of the Indian Partnership Act B) Section 28 of the Indian Partnership Act C) Section 29 of the Indian Partnership Act D) None of the above

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

97

Where a contract between the partners provides for the mode of dissolution, and the firm is dissolved in accordance with that subsisting contract, such a dissolution of firm is called

A) Dissolution by agreement under section 40 of the Act B) Dissolution by notice under section 43 of the Act C) Compulsory dissolution under section 41 of the Act D) Dissolution by operation of law under section 42 of the Act

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

98

Section 16 of the Indian Partnership Act, 1932 is, 'subject to'

A) The agreement between the partners B) The provisions of the Act C) Both (A) and (B) D) Only (B) and not (A)

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

99

When the firm is named after the retiring partner, the retiring partner has a right to

A) Set up a precisely similar business under the same name B) Set up a precisely similar business but not under the same name C) Set up a precisely similar business under a new name which suggests a connection with the firm he has left D) Either (B) or (C)

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

100

Section 68 of the Indian Partnership Act, 1932, lays down

A) The rules of procedure B) The rules of evidence C) The rules of adjective law D) None of the above

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Indian Partnership Act MCQ question and answer | Law MCQ question